DDC Enterprise Files 2023 Annual Report on Form 20-F, Marks Key Milestone in NYSE Listing Journey
DDC Enterprise a prominent multi-brand Asian consumer food company, today proudly announced the successful filing of its annual report on Form 20-F for the fiscal year ending December 31, 2023, with the U.S. Securities and Exchange Commission (SEC). This filing signifies a crucial step for the company as it is now fully compliant with the SEC’s financial reporting requirements, officially shedding its status as a late filer under the NYSE rules.
Norma Chu, CEO of DDC, expressed her satisfaction with this achievement, emphasizing that the company’s ability to meet its SEC filing obligations will allow it to focus on executing its business strategy without the encumbrance of past delays caused by the late filing of financial statements. Chu further commented, “DDC is happy to achieve this critical reporting milestone. This allows us to continue our business strategy unencumbered by the delays created by a late financial statement filing in our first year as a NYSE-AM listing. In 2024, we substantially bolstered our accounting and finance staff, and we are now seeing important benefits from those efforts.”
This successful filing marks an important achievement for DDC as the company navigates its first year as a publicly listed entity on the New York Stock Exchange American (NYSE-AM). The completion and submission of the 2023 Form 20-F solidify the company’s position in the capital markets, aligning it with the required compliance standards for transparency and reporting. This milestone is not just a regulatory requirement but also a strategic advantage, reinforcing the company’s credibility and commitment to its shareholders, partners, and stakeholders.
Receipt of Audit Opinion with Going Concern Qualification
As part of the disclosure obligations stipulated under the NYSE American Company Guidelines, specifically Sections 401(h) and 610(b), DDC disclosed that its audited financial statements for the fiscal year 2023 contain an audit opinion that includes an explanatory paragraph related to the company’s ability to continue as a going concern.
It is important to note that the presence of this explanatory paragraph does not represent any alteration or amendment to DDC’s financial statements or the content of the Annual Report on Form 20-F. Instead, it serves as a requirement for companies facing specific conditions that may affect their financial stability in the future. In the case of DDC, the going concern qualification indicates that the independent registered public accounting firm has highlighted a potential uncertainty regarding the company’s ability to continue operating as a going concern under certain circumstances.
The going concern qualification is a common aspect of audit reports for companies facing financial challenges or uncertainty. It is an essential part of transparency and provides stakeholders with a clear understanding of potential risks to the company’s financial stability. While this qualification does not indicate that the company is immediately facing any severe operational or financial issues, it serves as a cautionary note for investors, shareholders, and other stakeholders to assess the company’s future prospects and financial health.
Availability of Audited Financial Statements
For those interested in further details about DDC’s financial performance, the company’s audited financial statements for the fiscal year ending December 31, 2023, are readily available. These documents, which provide a comprehensive breakdown of DDC’s financial position, performance, and cash flows, are included in the Form 20-F that has been filed with the SEC. Investors, analysts, and interested parties can access the full report on the company’s official website at ir.daydaycook.com.
In addition to the online availability of these financial statements, DDC is offering shareholders the option to receive a hard copy of the complete audited financial statements free of charge. This gesture ensures that shareholders and other interested parties can access the company’s financial information in a format that is most convenient to them. Requests for hard copies can be submitted through the company’s website, demonstrating DDC’s commitment to transparency and open communication with its stakeholders.
Key Developments in 2024
The filing of the 2023 Form 20-F marks a significant achievement for DDC, especially as the company moves forward with its strategic initiatives in 2024. One of the major developments in 2024 was the expansion of DDC’s accounting and finance team, which has played a pivotal role in improving the company’s reporting processes. According to CEO Norma Chu, the increased staff capacity has already begun to yield positive results, as evidenced by the timely filing of the company’s annual report.
As DDC continues to grow and solidify its position as a leading player in the Asian consumer food market, it remains committed to adhering to the highest standards of corporate governance, financial reporting, and transparency. The company’s ability to meet its SEC filing requirements is a reflection of its strong operational foundation and its focus on long-term sustainable growth.
A Bright Future Ahead for DDC Enterprise
DDC is positioning itself for continued growth and success in the highly competitive consumer food industry. The company’s strong portfolio of multi-brand offerings, which caters to the diverse tastes and preferences of Asian food consumers, continues to resonate with customers around the world. With its focus on high-quality products and expanding its presence in international markets, DDC is on track to achieve its strategic goals.
The company’s listing on the NYSE-American has provided it with greater visibility and access to capital markets, positioning it to capitalize on new opportunities and drive long-term value for its shareholders. As DDC’s operational and financial systems continue to strengthen, the company is confident in its ability to deliver sustained growth and profitability, while addressing any challenges that may arise along the way.
Commitment to Shareholders and Stakeholders
At the core of DDC’s operations is a deep commitment to its shareholders and stakeholders. The company recognizes the importance of maintaining open lines of communication and ensuring that its investors have access to accurate and timely financial information. By filing its 2023 Form 20-F in a timely manner, DDC has demonstrated its dedication to meeting the expectations of its shareholders and adhering to the regulatory requirements of the NYSE and the SEC.
The availability of the audited financial statements and the opportunity for shareholders to request hard copies further reflects DDC’s commitment to transparency and investor relations. The company remains focused on building long-term shareholder value, while also continuing to enhance its products, services, and operations to meet the evolving needs of its customers.
